The Denton County Transportation Authority recently opened three new commuter rail stations in the City of Lewisville: Highland Village/Lewisville Lake, Old Town Lewisville, and Hebron with direct connections to the DART light rail and access to it’s entire system. This connection now allows someone to travel car-free from Denton to downtown Dallas and downtown Fort Worth. The City is actively pursuing developers to build in its Old Town district where City Hall is located. Some small development projects have already taken root but no major players have stepped up just yet. The city has pumped major dollars into their sleepy downtown area with high expectations for a major revitalization. Below is a summary of the city and its available incentives.
Forecasted 2020 111,168 16.67%
Census 2010 95,290 7.85%
2005 (est.) 88,350 13.65%
Mean Family Income 2009 $81,587
Total Housing Units 2010 39,967
Blue Lynx Media 495 jobs $60,641 average salary
Med Fusion Labs 900 jobs $74,444 average salary
Orthofix Inc. 315 jobs
Vinson Process Controls 78 jobs $88,000 average salary
TIAA-CREF 350 jobs
2010 Tax Rate:
Below are property tax millage rates per $100 of valuation:
City of Lewisville Property Tax $0.44021
Denton County $0.27390
Lewisville ISD $1.42670
City of Lewisville Sales Tax $8% (1.75% local option)
Transit-Oriented Development Incentives
Tax Rebates or Abatements:
Tax Rebates or Abatements are utilized to reduce the municipal property tax liability for economically valuable projects. The City of Lewisville will consider use of a Tax Rebate for both firm based and development based incentives on a case-by-case basis according to the merits of each project. Including new jobs, average salary, total payroll, and capital investment. If utilized, Tax Rebates are subject to a maximum term of 10 years, cannot be applied to existing value, and the value of the land. Projects requesting a Tax Rebate are evaluated based on the increase in assessed value over the base year value of the property.
Under Texas Local Government Code Chapter 380, the City of Lewisville is authorized to provide grants or loans of funds to stimulate investment. Because the City of Lewisville OED (Office of Economic Development) is funded primarily from General Fund revenues, the potential for cash driven incentives is limited. Incentives of this type are considered for focus area projects, often on a reimbursement basis. This encompasses requests regarding construction costs, infrastructure, inventory tax, sales tax, and fees.
State and Federal Incentive Support:
The city actively supports incentive requests made to other government entities having jurisdiction in Lewisville. While the City will partner with these projects for support, and where requested, may elect to provide administrative or financial support to these applications. The City is not responsible for ultimate decisions to grant incentives by other governmental bodies. Such programs include:
Texas Enterprise Zone Fund
Foreign Trade Zones
Requests for rebates of state or federal taxes, fees, or impositions
Special Financing Initiatives:
The City of Lewisville, as other municipalities in Texas, has the capability of leveraging certain tax tools such as low or no interest loans, revenue bonds, or sales tax increments. Utilization of these types of incentives is a time consuming process with substantive public involvement required, and as such, would be reserved for projects of the highest caliber. Applicants that intend to request these types of incentives should submit a narrative project plan to the City of Lewisville OED.
Brownfield Redevelopment Program:
The City of Lewisville may fund Phase I and Phase II Environmental Site Assessments for qualifying projects with the use of EPA grant funds. Certain projects could qualify for additional tax incentives based on the cost of clean up or potential economic impact of the project such as job creation or construction costs.
Utilities & Infrastructure:
A number of financing options are available to the City to assist with outlay associated with infrastructure and utilities. This type of incentive would be covered under Grant financing availability.
Expedited Permitting and Approvals:
Lewisville offers a one-stop-shop approach to permitting. The Lewisville Office of Economic Development and Planning will act as a facilitator for high caliber projects, ensuring expedited review and central staff contacts and oversight for the project.
One of Lewisville’s great strengths is its low permitting fees and speedy time to occupancy. For new construction, site plans can be approved in a matter of weeks. The estimated time to issue a building permit is 10-20 working days from submission. When the City finds a project to be economically beneficial, Economic Development and Planning staff will identify a project coordinator to oversee the project. The City will do its best to expedite the review of permits under 10 days.
Incoming search terms:
- old town transit oriented development master plan lewisville texas